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Nama claims rates exemption

T
he National Asset Management Agency (Nama) is in dispute with Dublin city council over €265,000 in rates on its Dublin headquarters.

The property company, located in the Treasury Building, says it should be exempt from rates on the grounds that it occupies the building on behalf of the state.

Government departments and offices of state are not subject to commercial rates on buildings that they occupy. The special purpose vehicle behind Nama is 51% owned by private investors, a device to keep its loans off the exchequer balance sheet.

A spokesman for Nama said: “The issue of ‘unpaid’ rates does not arise. Nama is appealing against the levying of commercial rates on it by Dublin city council on the basis that it is, by virtue of Section 15(3) of the Valuations Act 2001, exempt from such rates as a public body. That appeal will be considered by the Valuations Tribunal